Premier League chairmen are split over how to introduce cost controls to English football’s top flight.

Although a majority of the 20 clubs who attended a shareholders' meeting in London supported bringing in financial controls, there are still big differences about what form these should take.

The meeting at the Premier League's headquarters ended with no concrete decision taken.

League executives will now try to draw up some detailed proposals on a range of options ahead of a meeting in February.

Any decision is likely to come into force from the start of next season.

Some clubs, such as Arsenal and Manchester United, want clubs to be obliged to break even every year, while it is understood others argued that owners should be allowed to put in their own money to subsidise spending.

There have now been five meetings of top-flight chairmen where cost controls have been discussed without any firm decisions being made.

West Ham co-owner David Gold said: "There have been no decisions made. The debate carries on.

"I am hoping that we can come to some conclusions for the best interest of the football clubs and the league as whole, hopefully before the start of next season."

Premier League clubs made cumulative losses of £361m in 2010-11, the most recent season for which complete financial results are available.

Measures to ensure clubs move towards break-even, known as 'Financial Fair Play', have been already agreed for Europe's top teams.

Swansea chairman Huw Jenkins said he was hopeful an agreement could be reached.

He said: "I think we will get a consensus on this. Over the next few months we should get something in place, most likely before the start of next season.

"The main issue is that, in the present economic climate, we as a league portray the right image and make sure that everyone involved in football is looking after the supporters and making sure everything is kept under control and is run in the right manner."

Chairmen are eager to ensure the riches which will arrive next season from the new £3bn TV deal will not immediately be swallowed up by player wages. The sum is a 70% increase on the existing arrangement.

Premier League clubs spent almost £1.6bn on wages in 2010-11. That is 70% of their income.

Only once in the 20 seasons of the Premier League - 2004-05 - have wages fallen year-on-year.